most of the j/v's i've seen are by companies with great potential but little or no drilling(usually) little or no money(usually) and a willingness to sign over 30%, then 51% if it has a hope, and finally 80% of the project if it will become a mine all for a paltry sum of $10 M. IOCG and porprhy deposits are a good example as it is very risky and very deep, 1km deep holes with a diamond rig is slow and expensive, so it works when you could have 100% of nothing or 20% of a mine.
i'd like to see a cornerstone investor take a position and give andy a drilling budget of $20m, swiss cheese all the regional targets and see how long it takes to surpass the 3Moz forecast, before xmas i hope if we could double the rigs on site.
regards timmo
Ann: Major extension of sulphide mineralisation at Hemi, page-94
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